Fifth Third Bank raises mobile deposit limits for business customers

Source: Fifth Third Bank

Fifth Third Bank today announced the introduction of mobile deposit functionality for business customers. The service is available to both iPhone® and Android™ users.

"The way our business customers want to interact with the Bank continues to evolve, and we are always looking for ways to provide our customers with convenient, easy to use options for their banking needs, such as mobile deposit," said Larry McClanahan, vice president and director of Digital Delivery for Fifth Third Bank. "This new service enables our business customers to make deposits any time and while they are on the go."

Fifth Third had successfully tested and piloted this program earlier this year. As part of the formal introduction of this service, Fifth Third is now offering higher mobile deposit limits. The maximum amount a customer can deposit varies based on how long the customer has had an eligible, open business deposit account with Fifth Third and if the account is in good standing. Deposit limits are available for qualified business users up to $15,000 a month - one of the highest limits for business customers in the industry. Both iPhone and Android users will be shown within their app the maximum amount they can deposit. Customers are able to make deposits as late as 8 p.m. Eastern time to process their checks the same day.

Fifth Third also launched multi-user functionality for its mobile app for customers with business and consumer accounts. This functionality allows customers to log into one app with both business and personal credentials to access both accounts. For the higher deposit limits and enhanced convenience, Fifth Third will charge business customers $.50 per mobile deposit.

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